🌎 Ethereum Price Steady Amid 1.4 Billion Hack

Ethereum Price Holds Steady Amid $1.4 Billion Hack by Lazarus Group

The Ethereum price has maintained its stability as the market comes to terms with the $1.4 billion hack by the Lazarus Group, a notorious hacking collective linked to North Korea. As of Sunday, Ethereum traded at $2,795, slightly above its low of $2,665 on Friday.

Ethereum Balances on Bybit Rise After Hack

According to Coinglass data, Ethereum balances on Bybit have started to rise after crashing on Friday following the hack. The balances have increased to over 200,000, equivalent to $558 million, up from last Friday’s low of 61,000.

Possible Reasons Behind Rising Ethereum Balances

There are two potential reasons for the ongoing rise in Ethereum balances on Bybit:

Bybit may be actively buying ETH from the market to boost confidence with its users.
The rise could be a sign that customers are transferring ETH to the exchange as confidence increases, given Bybit’s commitment to cover 100% of the stolen Ethereum coins.

Bybit has also launched a $140 million bounty to track down the stolen funds, which may lead to a partial recovery.

Ethereum Price at Risk of a Bigger Dive

The daily chart suggests that Ethereum price may be at risk of a bigger dive in the near term. A death cross pattern has formed as the 200-day and 50-day weighted moving averages have crossed each other, a bearish sign in technical analysis.

A bearish flag chart pattern has also formed, indicating a potential continuation of the downward trend. The next reference level for the ETH token is at $2,155, the lowest point this year, which is about 23% below the current level.